Following its shift to a direct-to-consumer business,
According to Yahoo! Finance, the footwear name saw its stock drop approximately 35%, around $950 million USD in market value, after announcing that it would be offering less Nike products this year. In a statement, Richard Johnson, Foot Locker CEO, highlighted that although Nike will be offering specific styles direct-to-consumer, Foot Locker will still have those models available but at a lesser quantity. With the shift in its offerings, Foot Locker will be looking to focus on its own private label brands in a move to adapt consumer demand.
In case you missed it, John Geiger countersues Nike over its AF1 trademark infringement lawsuit.